It has a lot to do with why a company does one. In THEORY whether it's a forward split or reverse you're no worse off. However, a forward split is sometimes seen as ok because it's sometimes done to reduce the share price after a stock has increased in PPS to undesired levels...a $100 price let's say.
Most companies that do Reverse Splits are in distress. For example, companies trying to maintain a certain price to be lisited on an exchange, for example maintaining a $1 price level.
Historically, on the OTCBBB, a compay that does a reverse split is right back to the pre-split price in 2-3 months time. Although you'll hear experts say reverse splits leave you no worse off, it's really not supported by the evidence.
Hope this wordy answer helps.
